Download the full PDF Reports here:

1. CEO Remuneration 2022 Report: CEOs in a Post Covid Era - What Matters Most
2. Executive Summary - CEO Remuneration 2022: CEOs in a Post COVID Era - What Matters Most

Lafarge Africa/ Khaled Abdel Aziz El Dokani

Khaled El Dokani of Lafarge was the 6th highest paid CEO in 2021 with a base salary of N288.6m, cutting it close to CEO in the 5th position. Khaled El Dokani replaced Michel Purcheros as CEO in January 2020. There was a +30.46% increase in his base remuneration from N221.12m in 2020 to N288.61m in 2021 (see chart 7 below).

Chart 7: 

Zenith Bank/ Ebenezer Onyeagwu

Ebenezer Onyeagwu was appointed as CEO of Zenith Bank in June 2019 and his basic salary has consistently been increasing. His basic salary increased by +84.00% from N125m in 2019 to N230m in 2020. Interestingly, as of last year, Ebenezer Onyeagwu was last on the top 10 ranking but with a +6.96% increase in earnings from N230m in 2020 to N246m in 2021, he moved three places up the ranking to the 7th largest CEO in base salary (see chart 8 below).

Chart 8:

Nigerian Breweries/Hans Essaadi

Amidst restructuring, Hans Essaadi, with over a decade of experience within the Breweries industry, was appointed as CEO of Nigerian Breweries in July 2021, replacing Jordi Borrut Bel. He received a base salary of N243m in 2021, a -35.92% decline from N379m paid to Jordi Bel in 2020, nonetheless placing him in the eighth spot in the current ranking. In the preceding 4years to 2021, the annual average salary disbursed to the company CEOs was N295.15m, the lowest being N190.47m in 2018 and N379.39m being the highest in 2020 (see chart 9 below). 

Chart 9: 

Guinness Nigeria/Baker Magunda

Baker Magunda became the CEO of Guinness in July 2018 and ranked as the 9th highest paid CEO with a base salary of N243m in 2021. This is a -4.71% decrease from previous year’s earnings of N255m. For the prior four years before 2021, the annual average remuneration earned by Baker Magunda was N273.75m with the lowest earning being N193m in 2019 (see chart 10 below).

Chart 10:

Unilever Nigeria Plc./Carl Cruz

Last but not least on the Top 10 highest paid CEOs ranking is Carl Cruz of Unilever Nigeria Plc. He was appointed CEO of Unilever in February 2020. In the 2020 ranking, he was on the 9th position but with a -5.60% decline in his base salary, from N245m in 2020 to N231.57m in 2021, he dropped to the 10th position on the ranking. The company’s annual CEO’s salary rose by +50.00% from N220m in 2017 to N330m in 2018, before declining by -8.33% in 2019. On the average, the annual salary Unilever paid to its CEOs in the last 4 years, from 2017 to 2020, was N274.38m. The lowest amount of N245m was paid in 2020 and the highest in 2018 with a total amount of N461m disbursed (see chart 11 below).

Chart 11: